Sen. Elizabeth Warren (D-Mass.) announced her opposition last week to several derivatives bills passed by the House Financial Services Committee, echoing concerns voiced by U.S. Treasury Secretary Jack Lew earlier this month.
The HFSC passed nine bills earlier this month that are intended to address unintended consequences of Dodd-Frank’s derivatives provisions.
“I strongly agree with Treasury Secretary Lew’s opposition to the bills,” Warren said. “The Dodd-Frank Act put in place a variety of measures that work together as a system to protect consumers, hold big banks accountable and reduce the risk of future crises. It is dangerous for Congress to amend the derivatives provisions of the Dodd-Frank Act without at the same time taking accompanying steps to strengthen reform and maintain the law’s equilibrium.”
Warren said that middle-class American families are still “paying a heavy price” for efforts by some lawmakers to weaken oversight.
“Now is no time to go backwards,” Warren said. “I will do what I can in the United States Senate to stand up to those who would chip away at reform by rolling back or fighting the implementation of the Dodd-Frank Act.”